Abstract
Growth accelerated to 3.1 percent in 2013, driven by a positive net exports contribution. The broad policy direction is supportive of near term macroeconomic stability. The key challenge is to transition from stability into an acceleration of medium term growth. Uncertainty with respect to EU accession remains, and weighs on longer term prospects.
Fund Relations
(As of June 9, 2014)
Missions. Article IV and third Post–Program Monitoring mission, Skopje, May 6–19th, 2014. Concluding statement is available at: http://www.imf.org/external/np/ms/2014/051914a.htm
Staff team. Ivanna Vladkova Hollar (head), Marc Gerard, Marzie Taheri Sanjani, Gregorio Impavido (all EUR), Patrick Gitton (Resident Representative), and Gjorgji Nacevski (local economist).
Discussions. The staff team met Deputy Prime Minister and Minister of Finance Stavreski, National Bank Governor Bogov, other senior officials, and representatives of the banking, business, political and international communities.
Publication. The Macedonian authorities have indicated that they agree with publication of this staff report.
Membership Status: Joined 12/14/92; Article VIII
General Resources Account:
| SDR Million | Percent of Quota | |
| Quota | 68.90 | 100.00 |
| Fund holdings of currency | 265.90 | 385.92 |
| Reserve position | 0.00 | 0.00 |
| SDR Million | Percent of Quota | |
| Quota | 68.90 | 100.00 |
| Fund holdings of currency | 265.90 | 385.92 |
| Reserve position | 0.00 | 0.00 |
SDR Department:
| SDR | Percent of Allocation | |
| Million | ||
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 3.44 | 5.25 |
| SDR | Percent of Allocation | |
| Million | ||
| Net cumulative allocation | 65.62 | 100.00 |
| Holdings | 3.44 | 5.25 |
Outstanding Purchases and Loans:
Formerly Precautionary Credit Line (PCL)
| SDR | ||
| Million | Percent of Allocation | |
| Precautionary and Liquidity Line 1/ | 197.00 | 285.92 |
Formerly Precautionary Credit Line (PCL)
| SDR | ||
| Million | Percent of Allocation | |
| Precautionary and Liquidity Line 1/ | 197.00 | 285.92 |
Formerly Precautionary Credit Line (PCL)
Latest Financial Arrangements:
Formerly PCL
| Amount | Amount | |||
|---|---|---|---|---|
| Expiration | Approved (SDR | Drawn | ||
| Type | Approval Date | Date | Million) | (SDR Million) |
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL
| Amount | Amount | |||
|---|---|---|---|---|
| Expiration | Approved (SDR | Drawn | ||
| Type | Approval Date | Date | Million) | (SDR Million) |
| PLL 1/ | 01/19/2011 | 01/18/2013 | 413.40 | 197.00 |
| Stand-By | 08/31/2005 | 08/30/2008 | 51.68 | 10.50 |
| Stand-By | 04/30/2003 | 08/15/2004 | 20.00 | 20.00 |
Formerly PCL
Projected Payments to the Fund (Expectation Basis) 1
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| Principal | 73.88 | 98.50 | 24.63 | ||
| Charges/Interest | 1.01 | 1.19 | 0.22 | 0.06 | 0.06 |
| Total | 74.89 | 99.69 | 24.84 | 0.06 | 0.06 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| Principal | 73.88 | 98.50 | 24.63 | ||
| Charges/Interest | 1.01 | 1.19 | 0.22 | 0.06 | 0.06 |
| Total | 74.89 | 99.69 | 24.84 | 0.06 | 0.06 |
Exchange Arrangement:
The currency of the FYR of Macedonia is the denar. The FYR of Macedonia maintains a managed floating exchange rate system with a de facto stabilized arrangement against the Euro. Households can transact through commercial banks or through foreign exchange bureaus that act as agents of banks; enterprises can transact through the banking system. The reserve requirement on foreign currency deposits is set at 13 percent, while that on FX-indexed denar deposits are set at 20 percent.
At end-May 2014, the official exchange rate was 45.3 denars per U.S. dollar and 61.65 denars per euro. The FYR of Macedonia has accepted the obligations of Article VIII, Sections 2, 3, and 4 with effect from June 19, 1998.
Article IV Consultations:
The first consultation with the FYR of Macedonia was concluded in August 1993. The last consultation was concluded on June 26, 2013 (IMF Country Report 13/178). The FYR Macedonia is on the standard 12-month Article IV consultation cycle, while Post-Program Monitoring is expected to take place every 6 months.
Technical Assistance since 2006
Technical Assistance since 2006
| Purpose | Department | Date | |
|---|---|---|---|
| FX Reserves Modeling | RES/MCM | February 2012, February 2013 | |
| Public Financial Management | FAD | November 2012 | |
| Provisioning Regulation | MCM | November 2012 | |
| STA TA Evaluation | STA | September 2012 | |
| National Accounts | STA | June 2009, August 2011, September 2012, October 2013 | |
| Assessing the Budgeting Framework and Investigation of Payment Arrears | FAD | March 2012 | |
| Macroeconomic Modeling at NBRM | MCM | March, November 2009; September and November 2010; May and November 2011; February and November 2012, March 2013, May 2014 | |
| Domestic Debt Market Development | MCM | October 2011 | |
| Tax Administration | FAD | June 2011, September 2013, November 2013, March 2013 | |
| Medium-Term Budgeting | FAD | May 2011 | |
| Safeguards Assessment | FIN | February 2011 | |
| Stress Testing | MCM | February 2011 | |
| SDDS Subscription | STA | December 2010 | |
| Tax Administration | FAD | April 2010 | |
| Public Financial Management | FAD | September 2009 | |
| Tax Administration | FAD | July 2009 | |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 | |
| Government Finance Statistics | STA | October 2008 | |
| Balance of Payments Statistics | STA | October 2008 | |
| National Accounts Statistics | STA | April 2007; January, May, September, and December 2008 | |
| Export and Import Deflators | STA | December 2007 | |
| GFS 2001 | STA | December 2007 | |
| Expenditure Rationalization | STA | November 2007 | |
| Central Bank Law | FAD | July 2007 | |
| Tax Policy | MCM | July 2007 | |
| National Accounts Statistics | FAD | June 2007 | |
| Liquidity, Cash and Debt Management | STA | April 2007 | |
| Tax Administration | MCM | April 2007 | |
| Balance of Payments Statistics | FAD | October 2006 | |
| Tax Policy | FAD | September 2006 | |
| Government Finance Statistics | STA | June 2006 | |
| Banking Law | LEG, MCM | June 2006 | |
| Resident Experts | |||
| Tax Administration | FAD | October 2006–August 2011 | |
| Banking Supervision | MCM | May 2006–May 2008 | |
| FSAP Participation and ROSCs (since 2003) | |||
| FSAP update | MCM/WB | March 2008 | |
| Fiscal ROSC | FAD | February 2005 | |
| Data ROSC | STA | February 2004 | |
| FSAP | MCM/WB | May 2003 and June 2003 |
Technical Assistance since 2006
| Purpose | Department | Date | |
|---|---|---|---|
| FX Reserves Modeling | RES/MCM | February 2012, February 2013 | |
| Public Financial Management | FAD | November 2012 | |
| Provisioning Regulation | MCM | November 2012 | |
| STA TA Evaluation | STA | September 2012 | |
| National Accounts | STA | June 2009, August 2011, September 2012, October 2013 | |
| Assessing the Budgeting Framework and Investigation of Payment Arrears | FAD | March 2012 | |
| Macroeconomic Modeling at NBRM | MCM | March, November 2009; September and November 2010; May and November 2011; February and November 2012, March 2013, May 2014 | |
| Domestic Debt Market Development | MCM | October 2011 | |
| Tax Administration | FAD | June 2011, September 2013, November 2013, March 2013 | |
| Medium-Term Budgeting | FAD | May 2011 | |
| Safeguards Assessment | FIN | February 2011 | |
| Stress Testing | MCM | February 2011 | |
| SDDS Subscription | STA | December 2010 | |
| Tax Administration | FAD | April 2010 | |
| Public Financial Management | FAD | September 2009 | |
| Tax Administration | FAD | July 2009 | |
| Contingency Planning and Crisis Preparedness | MCM | February 2009 | |
| Government Finance Statistics | STA | October 2008 | |
| Balance of Payments Statistics | STA | October 2008 | |
| National Accounts Statistics | STA | April 2007; January, May, September, and December 2008 | |
| Export and Import Deflators | STA | December 2007 | |
| GFS 2001 | STA | December 2007 | |
| Expenditure Rationalization | STA | November 2007 | |
| Central Bank Law | FAD | July 2007 | |
| Tax Policy | MCM | July 2007 | |
| National Accounts Statistics | FAD | June 2007 | |
| Liquidity, Cash and Debt Management | STA | April 2007 | |
| Tax Administration | MCM | April 2007 | |
| Balance of Payments Statistics | FAD | October 2006 | |
| Tax Policy | FAD | September 2006 | |
| Government Finance Statistics | STA | June 2006 | |
| Banking Law | LEG, MCM | June 2006 | |
| Resident Experts | |||
| Tax Administration | FAD | October 2006–August 2011 | |
| Banking Supervision | MCM | May 2006–May 2008 | |
| FSAP Participation and ROSCs (since 2003) | |||
| FSAP update | MCM/WB | March 2008 | |
| Fiscal ROSC | FAD | February 2005 | |
| Data ROSC | STA | February 2004 | |
| FSAP | MCM/WB | May 2003 and June 2003 |
Resident Representative The Fund has had a resident representative in Skopje since 1995. Mr. Patrick Gitton has held this position since August 2013.
Imf-World Bank Collaboration
Background
The Bank and the Fund country teams on the Former Yugoslav Republic of Macedonia maintained close collaboration, seeking synergies and harmonizing policy recommendations. Close coordination has resulted in largely shared views of the economic situation in the country, particularly in the context of the latest Public Expenditure Policy Based Guarantee (PEPBG), for which the Fund provided an Assessment Letter in November 2012. The area of public financial management has been at the center of discussions over the last year, and the measures supported by the PEPBG on public finance management have benefited from the findings and recommendations of the recent IMF TA mission.
Key Areas of World Bank Involvement
The World Bank program in FYR Macedonia focuses on three pillars: (i) faster growth by improving competitiveness; (ii) more inclusive growth by strengthening employability and social protection, and continued improvement of social programs; and (iii) more sustainable resource use and an analysis of options for “greener” economic growth. Because FYR Macedonia’s future growth and development depends fundamentally on the pace of EU accession, virtually every intervention in the program is designed to help it prepare for the EU membership.
A series of two budget support operations (Competitiveness DPL) has been made available to the Government with the aim to improve the competitiveness of the economy to develop a stronger export-oriented enterprise sector. The first of these has been closed, while the second one has been approved, and disbursement is expected until the end of June, 2014.
The World Bank also provided recently two Policy Based Guarantees for two loans the Government contracted with commercial Banks, together in the amount of €255 million. The Policy Based Guarantees supported critical reforms needed to strengthened robustness of public financial management and help mitigate the impact of the euro zone turmoil.
The Real Estate Cadastre and Registration Project (US$26 million) is supporting the digitalization of cadastral maps and securing land and real estate titles. The Regional and Local Roads Program Support Project (US$105 million) is helping with the rehabilitation of the regional and local roads and provides institutional support to improve the management of roads. The World Bank finances the energy sector through the Electric Power Development Energy Community of South East Europe Project APL3 (US$44 million) to improve the transmission grid, including an interconnection with Serbia. Local development is assisted through the Municipal Services Improvement Project (US$75 million), which is helping to improve transparency, financial sustainability and delivery of targeted municipal services in selected municipalities. The World Bank is also active in the human development sector through the Conditional Cash Transfer Project (US$25 million), and the new Skills Development and Innovation Support Project (US$24).
Macedonia-Bank and Fund Planned Activities in Macrocritical Structural Reform Areas, June 2014-May 2015
Macedonia-Bank and Fund Planned Activities in Macrocritical Structural Reform Areas, June 2014-May 2015
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work | 4th Post-Program Monitoring Report | October 2014 | December 2014 |
| Article IV Report | Spring 2015 | June 2015 | |
| Technical assistance on compliance and risk management in revenue administration | Short-term expert visit in Spring 2015 (tentative) | TA report after the mission | |
| Technical Assistance on National Account statistics | Ongoing through a resident advisor (based in Sarajevo) | TA report after the mission | |
| Technical assistance on Financial Stability Indicators | October 2014 (tentative) | TA report after the mission | |
| Technical assistance on medium-term budget process | December 2014 (tentative) | TA report after the mission | |
| 2. Bank work program | Public Finance Review | Ongoing, most recent mission May 2014 | Report scheduled for September 2014 |
| Southeastern Europe Regular Economic Update | Continuous and periodic missions | June and December | |
| Real Estate Cadastre and Registration project supervision | Continuous | Project closing December 2014 | |
| Municipal Services Improvement project supervision | Continuous | Project closing November 2017 | |
| Regional and Local Roads Program Support project supervision | Continuous | Project closing December 2015 | |
| CCT project supervision | Continuous | Project closing December 2015 | |
| Energy Community South East Europe Adaptable Program Loan (ECSEE APL) 3 supervision | Continuous | Project closing November 2015 | |
| Balkan Financial Sector Technical Assistance Facility (TA to NBRM and MoF on bank resolution; LoLR, etc.) | TBD | ||
| Skills Development and Innovation Support Project | Continuous | Project closing May 2019 |
Macedonia-Bank and Fund Planned Activities in Macrocritical Structural Reform Areas, June 2014-May 2015
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work | 4th Post-Program Monitoring Report | October 2014 | December 2014 |
| Article IV Report | Spring 2015 | June 2015 | |
| Technical assistance on compliance and risk management in revenue administration | Short-term expert visit in Spring 2015 (tentative) | TA report after the mission | |
| Technical Assistance on National Account statistics | Ongoing through a resident advisor (based in Sarajevo) | TA report after the mission | |
| Technical assistance on Financial Stability Indicators | October 2014 (tentative) | TA report after the mission | |
| Technical assistance on medium-term budget process | December 2014 (tentative) | TA report after the mission | |
| 2. Bank work program | Public Finance Review | Ongoing, most recent mission May 2014 | Report scheduled for September 2014 |
| Southeastern Europe Regular Economic Update | Continuous and periodic missions | June and December | |
| Real Estate Cadastre and Registration project supervision | Continuous | Project closing December 2014 | |
| Municipal Services Improvement project supervision | Continuous | Project closing November 2017 | |
| Regional and Local Roads Program Support project supervision | Continuous | Project closing December 2015 | |
| CCT project supervision | Continuous | Project closing December 2015 | |
| Energy Community South East Europe Adaptable Program Loan (ECSEE APL) 3 supervision | Continuous | Project closing November 2015 | |
| Balkan Financial Sector Technical Assistance Facility (TA to NBRM and MoF on bank resolution; LoLR, etc.) | TBD | ||
| Skills Development and Innovation Support Project | Continuous | Project closing May 2019 |
Statistical Issues
(As of June 9, 2014)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Quality of national account measurement need to be improved. In 2013, by Decision of the Government of the Republic of Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Currently the State Statistical Office (SSO) is working on a new revision that will be effective around the second half of 2014. | |
| Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: Debt data on a disaggregated basis for the broader public sector are not available on a regular basis. Macedonia does not report government finance statistics to the Fund for publication in either the Government Finance Statistics Yearbook (GFSMY) or the International Financial Statistics (IFS). | |
| Monetary sector: EUR receives a monthly electronic report of monetary statistics, covering the balance sheet of the central bank, the commercial banks and other depository corporations. | |
| External sector: External sector statistics meet international standards. In additional to monthly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia participates in the General Data Dissemination System (GDDS), and, since November 2011, in the Special Data Dissemination Standard (SDDS). | Data ROSC published on September 29, 2004. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Areas that would benefit most from further improvement are national accounts and government finance statistics. | |
| National accounts: Quality of national account measurement need to be improved. In 2013, by Decision of the Government of the Republic of Macedonia, amendments were made to the National Classification of Activities—NKD Rev.2 and entailed significant changes in the decomposition of historical data. The primary objective of the Classification of Activities is to provide a basis for comparing statistical data of the Republic of Macedonia on European and world level, i.e. in its content and structure is completely harmonized with the European Classification of Activities NACE Rev.2. Currently the State Statistical Office (SSO) is working on a new revision that will be effective around the second half of 2014. | |
| Price statistics: Improvements to the CPI have been introduced in accordance with international standards and EU regulations to align the Classification of Individual Consumption According to Purpose (COICOP). | |
| Government finance statistics: Debt data on a disaggregated basis for the broader public sector are not available on a regular basis. Macedonia does not report government finance statistics to the Fund for publication in either the Government Finance Statistics Yearbook (GFSMY) or the International Financial Statistics (IFS). | |
| Monetary sector: EUR receives a monthly electronic report of monetary statistics, covering the balance sheet of the central bank, the commercial banks and other depository corporations. | |
| External sector: External sector statistics meet international standards. In additional to monthly balance of payments data, the authorities compile and disseminate international investment position (IIP) data, reserve assets and foreign currency liquidity data, and external debt statistics. | |
| II. Data Standards and Quality | |
| FYR Macedonia participates in the General Data Dissemination System (GDDS), and, since November 2011, in the Special Data Dissemination Standard (SDDS). | Data ROSC published on September 29, 2004. |
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(As of June 9, 2014)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004, and based on the findings of the mission that took place during February 18 - March 3, 2004) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data,, statistical techniques, assessment and alidation of intermediate data and statistical outputs, and revision studies.
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(As of June 9, 2014)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological Soundness8 | Data Quality -Accuracy and Reliability9 | ||||||
| Exchange Rates | 5/30/14 | 5/30/14 | D | W | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 5/23/14 | 5/30/14 | D | W | Q | ||
| Reserve/Base Money | 5/29/14 | 5/30/14 | W | W | M | O, LO, LO, O | O, LO, O, O, O |
| Broad Money | Apr. 14 | 5/21/14 | M | M | M | ||
| Central Bank Balance Sheet | Apr. 14 | 5/21/14 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | Apr. 14 | 5/21/14 | M | M | M | ||
| Interest Rates2 | Apr. 14 | 5/30/14 | M | M | M | ||
| Consumer Price Index | Apr. 14 | 5/9/14 | M | M | M | O, O, O, LO | LO, O, LNO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3 - General Government4 | Apr.14 | 5/28/14 | A | A | A | LO, LNO, LO, O | LO, LO, LO, LO, LNO |
| Revenue, Expenditure, Balance and Composition of Financing3 - Central Government | Apr.14 | 5/28/14 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Apr.14 | 5/13/14 | A | A | A | ||
| External Current Account Balance | Mar. 14 | 5/30/14 | M | M | M | O, LO, O, LO | LO, O, LO, O, LO |
| Exports and Imports of Goods and Services | Mar 14 | 5/5/14 | M | M | M | ||
| GDP/GNP | Dec. 13 | 3/17/14 | Q | Q | Q | O, LO, O, LO | LO, O, LNO, O, O |
| Gross External Debt | 12/31/13 | 3/30/14 | Q | Q | Q | ||
| International Investment Position6 | 12/13 | 3/30/14 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004, and based on the findings of the mission that took place during February 18 - March 3, 2004) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data,, statistical techniques, assessment and alidation of intermediate data and statistical outputs, and revision studies.
Former Yugoslav Republic of Macedonia: Table of Common Indicators Required for Surveillance
(As of June 9, 2014)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological Soundness8 | Data Quality -Accuracy and Reliability9 | ||||||
| Exchange Rates | 5/30/14 | 5/30/14 | D | W | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 5/23/14 | 5/30/14 | D | W | Q | ||
| Reserve/Base Money | 5/29/14 | 5/30/14 | W | W | M | O, LO, LO, O | O, LO, O, O, O |
| Broad Money | Apr. 14 | 5/21/14 | M | M | M | ||
| Central Bank Balance Sheet | Apr. 14 | 5/21/14 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | Apr. 14 | 5/21/14 | M | M | M | ||
| Interest Rates2 | Apr. 14 | 5/30/14 | M | M | M | ||
| Consumer Price Index | Apr. 14 | 5/9/14 | M | M | M | O, O, O, LO | LO, O, LNO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3 - General Government4 | Apr.14 | 5/28/14 | A | A | A | LO, LNO, LO, O | LO, LO, LO, LO, LNO |
| Revenue, Expenditure, Balance and Composition of Financing3 - Central Government | Apr.14 | 5/28/14 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Apr.14 | 5/13/14 | A | A | A | ||
| External Current Account Balance | Mar. 14 | 5/30/14 | M | M | M | O, LO, O, LO | LO, O, LO, O, LO |
| Exports and Imports of Goods and Services | Mar 14 | 5/5/14 | M | M | M | ||
| GDP/GNP | Dec. 13 | 3/17/14 | Q | Q | Q | O, LO, O, LO | LO, O, LNO, O, O |
| Gross External Debt | 12/31/13 | 3/30/14 | Q | Q | Q | ||
| International Investment Position6 | 12/13 | 3/30/14 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Weighted interest rates on loans and deposits in domestic banks. Separately, data is submitted on the rates on central bank bills (policy rate) and treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. Data including local governments is normally published annually but is also received on an ad-hoc basis during missions.
Currency and maturity composition is reported only on request.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC or the Substantive Update (published on September 29, 2004, and based on the findings of the mission that took place during February 18 - March 3, 2004) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data,, statistical techniques, assessment and alidation of intermediate data and statistical outputs, and revision studies.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.